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TMI Blog2020 (9) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 filed by the Financial Creditor is admitted against one of the Corporate Debtor (Principal Borrower or Corporate Guarantor(s)), second application by the same Financial Creditor for same set of claim and default cannot be admitted against the other Corporate Debtor (the Corporate Guarantor(s) or the Principal Borrower). In view of the judgement of the Hon ble NCLAT in the case of Dr. Vishnu Kumar Agarwal Vs. Piramal Enterprises Limited, this bench is bound by the said judgement and unable to accept the contentions of the Petitioner who relies on Section 60(2) of the Code for initiating the CIRP against the Corporate Debtor. Hence, the other contentions raised by the Corporate Debtor are not dealt with. Petition dismissed. - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Guarantee was also executed with Mr. Ankit R. Miglani, Mr. Rajinder Miglani and Mr. Anuj Miglani in favour of the Petitioner. On 06.04.2014, a Demand Promissory Note of ₹ 200 Crores was executed by Uttam Galva in favour of the Petitioner. Thereafter, through an Indenture of Mortgage dated 15.09.2014 executed by and among the Uttam Galva, Corporate Debtor and Petitioner, the Corporate Debtor created and secured the loan amount by an exclusive first charge through mortgage of the Corporate Debtor s immovable property situated in Gujarat. Further, a revised Letter of Intent was issued on 07.12.2016. 3. Pursuant to the above-mentioned Indenture of Mortgage, a Multi-Party Agreement dated 22.03.2017 was executed amongst the Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nst Uttam Galva and a Petition filed by State Bank of India was admitted and the CIRP process was commenced against Uttam Galva. On the website of the Uttam Galva, an affidavit cum report is filed by the Interim Resolution Professional (IRP) wherein the Petitioner s name is reflected at serial no. 14, page 28 of the Security Interest where the entire facility loan, as reduced to ₹ 149,58,17,113/- has been included as a part of the outstanding in terms of the IFCI Claim, i.e., total claims of the Petitioner. 6. The Petitioner being Financial Creditor has made this application under Section 7 read with Section 60(2) of IBC, 2016 to initiate CIRP against this Corporate Debtor being a Corporate Guarantor for an amount of ₹ 175,90 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the COC of Uttam Galva voted for the approval of the resolution plan therein cannot trigger another CIRP for the same claim against this Corporate Debtor. (e) The Corporate Guarantor, in support of his case, submitted a judgement of the Hon ble National Company Law Appellate Tribunal in the case of Dr. Vishnu Kumar Agarwal Vs. Piramal Enterprises Limited (2019 SCC OnLine NCLAT 81) wherein, it was observed as follows: 30. In the present case, the Adjudicating Authority has accepted that there is a debt payable in law by Sunsystem Institute of Information Technology Pvt. Ltd. - ( Corporate Guarantor No.2 ) and admitted the 32 Company Appeal (AT) (Insolvency) Nos. 346 347 of 2018 application on 24th May, 2018. The moment it is admi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditor cannot trigger Corporate Insolvency 33 Company Appeal (AT) (Insolvency) Nos. 346 347 of 2018 Resolution Process against the other Corporate Debtor(s) , for the same claim amount (debt). 32. There is no bar in the I B Code for filing simultaneously two applications under Section 7 against the Principal Borrower as well as the Corporate Guarantor(s) or against both the Guarantors . However, once for same set of claim application under Section 7 filed by the Financial Creditor is admitted against one of the Corporate Debtor ( Principal Borrower or Corporate Guarantor(s) ), second application by the same Financial Creditor for same set of claim and default cannot be admitted against the other Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eof shall be the National Company Law Tribunal having territorial jurisdiction over the place where the registered office of the corporate person is located. (2) Without prejudice to sub-section (1) and notwithstanding anything to the contrary contained in this Code, where a corporate insolvency resolution process or liquidation proceeding of a corporate debtor is pending before a National Company Law Tribunal, an application relating to the insolvency resolution or bankruptcy of a personal guarantor of such corporate debtor shall be filed before such National Company Law Tribunal. 8. In view of the judgement of the Hon ble NCLAT in the case of Dr. Vishnu Kumar Agarwal Vs. Piramal Enterprises Limited cited supra, this bench is bou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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